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The court case was obviously a possibility months ago.Something IGS would of been aware of when the Assets were being sold for peanuts.Basically it now means even if Puka 3 had been a gusher we would of lost the income in a legal battle...so basically fked either way.What an incredible individual he is.
Da-gee,what do you think of this mess we are in.Cant believe they can get away like this.There must be some regulation for their actions.
... so that is it. Over and out with KEA?
Sad isnt that we were all pulled in by the lies and the dreams,what a total train wreck .........alot of very angry mums and dads here,i cant see Mr Big IGS running a school tuck shop let alone a company after this
Absolutely shocking
James Weir - Mon, 12 Oct 2015 NRG Drilling says it has been “stonewalled” for three years over a legal claim for several million dollars against Kea Petroleum. Kea's New Zealand business was placed in voluntary liquidation last week, and the pending legal action was a catalyst in that decision. Liquidator David Vance said the legal action was “disputed” with counter claims lodged by Kea. But the huge advances - $65 million - owed to Kea’s British parent, meant there would be no funds left to pay-out if the company did lose the case. The case was set down for a hearing at the High Court in Wellington on November 2. NRG Drilling director Stacey Radford said the legal action related to the drilling of the Douglas-1 well in Taranaki in 2012 and the company's expectation that that work would be followed by the Mauku well. NRG had spent a “huge amount” setting up for both wells and their legal claim against Kea involved “several million dollars", Radford said. “If they had come back and settled for what it cost us, we could have just moved on,” he said. “They have gone into liquidation to save themselves the embarrassment of court proceedings,” Radford said. Timeline The Douglas-1 well in central Taranaki was drilled by NRG in 2012, using the NRG Rover rig on the project in PEP 51153. London-listed Kea brought forward drilling at Douglas after delays getting access and consents for the larger Mauku project on the coast south of Kawhia in PEP 381204. The Douglas well was later suspended. Find out more... Factfile information Organisation Kea Petroleum Resource PEP 51153 (Puka) PEP 381204 (Felix, Mangatoa) Rover NRG’s involvement in Mauku was initially delayed for several months, with drilling equipment left in the yard. And when Kea finally decided to drill Mauku, instead of NRG, Kea used Iceland Drilling’s Odinn rig to re-enter the well and took it to a total measured depth of 3,220 metres. Mauku was abandoned after it failed to intersect any hydrocarbon pay. The well had also taken twice as long to drill as Kea had expected, according to Radford. “It was one disaster after another,” Radford said. Complaint To get out of the contract for NRG to drill Mauku, Radford claimed that Kea “concocted" a complaint to the High Hazards Unit in New Plymouth against the NRG rig. That was investigated and NRG was cleared, Radford said. Radford said the liquidation of Kea was not a surprise given the company was desperately short of cash, and raised money from investors while the NRG legal action was pending. “If you were a shareholder you would be pretty ****ed off,” Radford said. “And as a drilling contractor you would be more than disappointed in the way they have conducted themselves,” Radford said. “When you have signed a contract to drill some well
for all the long suffering shareholders ,the NZ subsidiaries comprising ( Kea Oil and Gas Ltd, Kea Exploration Ltd and Kea Petroleum Holdings Ltd ) of Kea Petroleum have been placed in the hands of the Liquidators, nice to be advised Ian..
note that all the NZ subsidiaries have fallen under the bus today. It is Peter Wright playing Capitan Oates, i was right...
Thanks for the correction,shall we assume Peter Wright is Capt Oats now then as Peter Mikkelsen has fallen off behind the group almost a week back and the rest of what's left of the BOD are still in the tent , and we all know how the final outcome played out ...hope IGS isn't in charge oh perhaps he is...
You often hear that the private investors only own a fraction of companies.The bulk of the company is with the institutional investors.Yet then you hear especially in the oil sector that the institutional investors are not there now,either into another sector or waiting or just totally not bothered about it at all.So why do the private investors get totally overlooked as the backbone of these companies.Traded quite a bit on the ftse 100 and 250 but AIM is a totally different beast.The lack of respect for shareholders to me,in my opinion,is a disgrace.You look at companies who you want to invest in,try and be on the path to a better outlook and want them to succeed.Yet time and time again it becomes apparent that they really aren't bothered.Kea Petroleum,for a new investor of only 2-3 years, is laughable.I've certainly learnt the hard way.Would put GLA but really,I think we all know what we have here.
I wish there was a way for these directors to be held accountable.How can investments and share dealing be allowed like what has unfolded with this company. No wonder share dealing is shaddy.
I think it was Scott on his fatal return trip to the South Pole ,who said when he left the tent never to be seen again (I could be gone for some time), most likely applies to IGS and the kea board also....or should
Yip this company and its directors are an absolute joke No news for mum and dad investors while they still on the pigs back riding it into the ground This is the first and last company I ever invest in,,,,BOD should be ashamed and held accountable, I hope someone brings charges against them GLA
So, is that it then with KEA or does anyone believe this is coming back to trade????
Thought everyone had stepped down anyway.Probably nothing left anyway for a payoff.Who will be next.......
Perhaps he can be found here :http://www.heraldsun.com.au/travel/what-its-like-touring-richlister-ian-gowriesmiths-private-paradise-the-conflict-islands-in-png/story-fnjjuxvu-1226969137982 Think someone should book up and pay him a visit...
Down Under it looks like he is liquidating his assets fast, and the Australian Tax Office is breathing a bit close to his neck
It was him. Stayed in the kama sutra room, as if he needed more inspiration on how to f##k people!
Just watching "all changed at longleat" on the beeb,channel 1,and who walks in.The main man himself.....Mr IRGS.Sure it was him around 40 mins in.Thought he was hiding down under.Bet he didnt mention KEA.Anyone heard any about any arrests yet.
god forbid has no one learnt anything from the last couple of years,what show have future (NER)shareholders got if the founders haven't got the 500k NZ dollars to pay for the Mauku permit, another round of known people joining the board to pump up interest, not a good result for the shareholders when he was in charge of NZEV, give me strength,cant bare to read anymore of the garbage. drill the prospect next year, oil at 40 bucks don't think so. rubbish.
http://www.energystream.co.nz/news/2015/aug/6/august-2015-nz-og-wrap Another private New Zealand company, New Endeavour Resources (NER), is hoping to raise enough funds to buy the nearby Mauku prospect from UK company Kea Petroleum and perhaps drill the prospect next year. And, in an interesting move, former New Zealand Energy Corp president Calgary-based Bruce McIntyre has joined the NER board of directors. It is understood his experience in Northern Hemisphere energy markets, particularly finance markets, could be very helpful for NER.
So it's job well done, then?
you are correct regarding NZ tax law, any earlier losses are now extinguished and really the company cap isn't 1.08 million if the shares could be traded on open market with a willing buyer that maybe the case but they cant so really it should be nil value as it has nothing of value and wont...the Aim listing may hold some interest but its no real use to anyone in the form its in at present. kaput.. IGS.
Under NZ tax law, the tax losses have already been wiped, when it changed to an investment company. Unless the business continues its field of activity, ie oil and gas exploration, the tax losses disappear.
the guys that originally set up Kea had a plan ,then IGS came along and wouldn't listen as usual, then took his eye off the ball then decided to give the management to the worst person you could imagine to give it to,(the plot) it all went downhill from there when IGS employed that womble/muppet Parkes,he is painting boats in Singapore I understand.there wont be any Phoenix rising out of these ashes any time soon, history has a way of repeating itself over and over again.